Tim Allen reveals he and Tom Hanks have been approached to do Toy Story 5

Tim Allen has finally confirmed what many of us have been hoping and praying for.

Disney's CEO Bob Iger announced earlier this year that we would be getting a fifth film in the Toy Story franchise.

During an earnings call, he said: "I’m so pleased to announce that we have sequels in the works from our animation studios to some of our most popular franchises, Toy Story, Frozen and Zootopia.

“We’ll have more to share about these productions soon, but this is a great example of how we’re leaning into our unrivaled brands and franchises.”

Disney/Pixar

While many were excited about the possibility of seeing Andy and Bonnie's toys in another adventure, some were worried that the studio was whipping a dead horse.

Toy Story 3 was wrapped up in a perfect bow and the fourth instalment was a clever way of bringing the gang back together for one last hurrah.

Considering that Woody and Bo Peep left the group to become part of the 'Lost Toys' and Buzz was left with everyone else, it seems like the franchise was officially finished.

When news of a fifth movie was announced, some thought we would be getting only one side of the now-split group, meaning either no Buzz or no Woody.

However, Tim Allen, who voices Buzz Lightyear, has confirmed that both he and Tom Hanks, who voices Woody, have been approached to return.

He told Jimmy Fallon: "They have reached out to Tom and I to reprise the roles.

"They're not saying anything about it."

Allen also explained that the 'writer of one of the better ones' in the franchise has been hired to pen the script.

"He said, 'If I didn't get this right, I wouldn't do it'. So it could be a very, very interesting way to reunite it," Tim explained to Fallon.

Allen recently explained what he would like to see in the fifth film.

"I don't know this is where the story's going, but what if the whole story was through... Andy is an adult, has children, and they just happen to be online, [and] the kid goes, 'Have you ever seen this toy?' And Andy sees that Buzz has got a hand missing, and he's in a... they're selling these vintage toys," he said in an interview with The Movie Dweeb.

"And Andy goes and gathers all the toys up. "

"He has to go out and find each one of them, put them back together, bring them back to his house, and starts the whole thing over again with his son.

"And I said, 'What a wonderful idea is that he brings it [back]. It's all through Andy's eyes, because we made his life, and now he's returning that favour."

Now that would be a good movie.